Bitcoin witnessed a sudden rise during the past week, reaching $28,000 on Sunday, which means that the price of the cryptocurrency has increased by approximately 9.1% during the past seven days until the moment of writing this report, which led to raising the market value of Bitcoin to reach $541 billion. Moreover, Bitcoin trading volume has also increased significantly over the same time period, with nearly $37 billion worth of the currency being traded in the past 24 hours alone.

It should be noted that the last time Bitcoin touched the threshold of approximately $28,000 was in June 2022, following the fall of Terra and UST.

Likewise, Ethereum, the second-largest cryptocurrency by market capitalization, has seen a rally in price, rising by nearly 2% in the past seven days to nearly $1,800, with a volume increase of 5.6% over the same period. Other altcoins have seen a similar pattern, with BNB up 7% and XRP up 19.2% over the past seven days.